金吾财讯 | 里昂发研报指，预计京东健康(06618)去年下半年业绩稳固，收入按年升13%至297亿元人民币，受惠“双十一”良好表现及去年12月流感感染增加。药物需求仍然强劲，但保健品及医疗器材销售受审慎的消费开支影响。受惠毛利率扩张，经调整EBIT料按年升23%至12亿元人民币。该行料公司去年下半年直接销售按年升12%至253亿元人民币，其中第四季按年升11%，年活跃用户料较上半年增加900万至1.9亿，但平均订单价值将继续下跌，因消费情绪平淡及免运费门槛下降。药物销售料继续跑赢非药物销售，因前者较不受宏观影响。公司在药物销售市占进一步增长，政府推动线上线下同价或推动“格价”，有利线上销售。该行料公司今年收入增长加快至15%，基于新冠相关基数效应消失。该行维持对京东健康“跑赢大市”评级，目标价40港元。
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